Wayne Tool Co., which was founded in 1917, was acquired by Louisiana-based Magnum Carbide early in the summer. Recently, the business owners secured a lease agreement for the old EZ Dumper building on Ninth Street.
“We’re looking for long-term growth,” company President Mark Wilcox said of the larger building.
The investment will be substantial, he said.
Wayne Tool Co. sells and manufactures reamers and drill bits. The move from a 20,000-square-foot plant on North Franklin Street will keep the business in the Borough of Waynesboro.
Wilcox said company officials looked at other properties in Franklin County, Pa., and out of state. However, he said they wanted to retain the skilled employees who live in the Waynesboro area.
“We looked all over, but the majority of our team is from Waynesboro, so we wanted to keep it there,” he said.
“The fact they’ve agreed to stay in Franklin County and specifically in Waynesboro, I think, is really a testament to their work force,” said L. Michael Ross, president of Franklin County Area Development Corp.
Wilcox said Magnum Carbide, which is associated with Drillco Cutting Tools, employs about 30 people in Waynesboro and will hire one or two additional machine operators when it moves.
“We’ll see where it goes, but the plan is to grow,” he said.
Magnum Carbide will not use the entire building on Ninth Street initially, but the new facility gives the business an opportunity to improve the working environment, Wilcox said.
“Our hopes are the company will be able to grow its presence in our part of the world and ideally, if circumstances permit, they go from leasing the building to acquiring it,” Ross said.
Wilcox praised the Franklin County Area Development Corp. for its assistance in the transition. He said the business might work with the agency again if it seeks financial aid in purchasing equipment.